Yoon: "Government and Banks to Join Forces to Ease Financial Burden on Self-Employed and Small Business Owners" (Comprehensive)

President Yoon Attends Economic Community New Year Meeting for 2nd Year
"Economy Will Improve... Recovery and Growth Expected with Export Increase"
Promises Focused Support, "Will Not Overlook Livelihood Difficulties"

President Yoon Suk-yeol attended the New Year's Meeting of the Business Community on the 2nd and stated, "The government will put all its efforts into ensuring that the people can feel the dynamism of our economy." President Yoon, who attended the 'New Year's Meeting of the Business Community' for the first time in seven years last year, promised to focus on supporting the service industry and easing the financial burden on small business owners and self-employed individuals by attending the event for the second consecutive year. The aim is to invigorate companies and achieve economic results that the public can feel.

On the same day, President Yoon attended the '2024 New Year's Meeting of the Business Community,' jointly hosted by the Korea Chamber of Commerce and Industry and the Korea Federation of SMEs, and said, "Our economy will improve further in the new year. Exports will increase, leading economic recovery and growth."

President Yoon Suk-yeol is delivering an encouragement speech at the 2024 New Year's Meeting of the Business Community held at the Korea Federation of SMEs in Yeouido, Seoul, on the 2nd.
[Photo by Yonhap News]

President Yoon's attendance at the New Year's Meeting of the Business Community marks his second time following last year. On this day, President Yoon, along with Kim Ki-moon, Chairman of the Korea Federation of SMEs, and Chey Tae-won, Chairman of the Korea Chamber of Commerce and Industry and SK Group, participated in a 'rice cake cake' cutting ceremony to pray for the growth of the Korean economy. As he left the venue, he shook hands individually with attendees in the front row, encouraging them by saying, "Fighting and stay strong." The event was attended by over 400 key figures from small and medium enterprises, large corporations, and the government, as well as 100 young entrepreneurs. Economic organization leaders such as Ryu Jin, Chairman of the Korea Economic Association, Sohn Kyung-shik, Chairman of the Korea Employers Federation, and Choi Jin-sik, Chairman of the Korea Federation of Mid-sized Enterprises, also attended.

From the business community, Lee Jae-yong, Chairman of Samsung Electronics; Chung Eui-sun, Chairman of Hyundai Motor Group; Koo Kwang-mo, Chairman of LG Group; Shin Dong-bin, Chairman of Lotte Group; Kim Dong-kwan, Vice Chairman of Hanwha Group; Huh Tae-soo, Chairman of GS Group; Kwon Oh-gap, Chairman of HD Hyundai; Chung Yong-jin, Vice Chairman of Shinsegae; Koo Ja-eun, Chairman of LS Group; Park Jung-won, Chairman of Doosan Group; Cho Hyun-joon, Chairman of Hyosung Group; and Hyun Jung-eun, Chairwoman of Hyundai Group, were present.

President Yoon said, "First, we will focus on supporting the service industry. We will firmly back industries preferred by young people and beneficial to local economies, such as content, finance, bio-health, and tourism," receiving applause. He continued, "We will foster future advanced industries and promote corporate investment through bold and speedy support such as infrastructure and workforce deregulation," and pledged, "We will actively support young startups with innovative ideas and technologies to freely thrive in the global market."

He also mentioned government-level support. President Yoon emphasized, "The government and the banking sector will join forces to ease the financial burden on small business owners and the self-employed so that they can coexist. We will warmly take care of the people’s livelihoods so that their lives can improve without overlooking the difficulties of the everyday economy."

Regarding last year's economic crisis response, he evaluated, "The government and companies formed a one team, traveled the world to pioneer markets, and overcame the economic crisis through exports." Based on this, exports revived, and the inflation rate was kept at half the average of the Organization for Economic Cooperation and Development (OECD). President Yoon added, "We recorded the highest employment rate and the lowest unemployment rate since statistics began."

He particularly highlighted the achievement in youth employment rates, saying, "It is even more meaningful because these are real jobs created by private sector vitality, not by taxes." Lastly, President Yoon promised, "Korean companies have become stronger every time they face a crisis. The government and I will abolish regulations, reform the labor market, establish fairness and the rule of law, and provide you with greater vitality."

President Yoon Suk-yeol is performing the Economic Leap One Team performance with economic organization heads and company presidents at the 2024 New Year's Meeting of the Economic Community held on the 2nd at the Korea Federation of SMEs in Yeouido, Seoul.
[Photo by Yonhap News]